Presentation on theme: "January 10, 2012 Budgeting For Your First Year & Measuring Success."— Presentation transcript:
January 10, 2012 Budgeting For Your First Year & Measuring Success
January 10, 2012 How Do I Start?
January 10, 2012 Develop the Plan
4 Elements of a Strategic Plan Vision Statement Values Business Plan Objectives Action Plans
5 Strategic Plan Vision Statement – Sets forth what the organization aspires to become, create and achieve; what will success look like? what you want your organization to become…. Using highly trained professionals to provide the best customer service to our clients and earning us recognition as having knowledge and expertise in our practice areas
6 Strategic Plan Values – Defines truths that guide your action; non-negotiable beliefs Untiring Commitment to Our Clients Success Excellence in Our Chosen Profession Honesty and Integrity Service to Our Community Productive and Enjoyable Work Environment
7 Strategic Plan Business Plan Objectives – What you want to accomplish in a given time period; specific goals Generate $x fees with a profit of $y Complete an Annual Budget Complete a Marketing Plan that will Generate Desired # of Leads Review Results Weekly
8 Strategic Plan Action Plans – specifics as to who, what, where, when, how you will achieve your objectives Revenue (by case type, by month) Marketing (# leads, conversion to cases, where the leads come from) Expenses (by vendor by month)
January 10, 2012 Develop the Budget
10 What Do I Spend?
11 Develop A Budget Revenue Set fee structure Develop Lead Sources Determine Revenue Plan Expenses Location Staff Support Fixed vs Variable
12 Measure Results Monthly Financials Track Leads by Source Track Expenses vs. Budget Revenue by case, by lead source, by realization rate Accounts Receivable
January 10, 2012 Success Factors
14 Spend Time On the Business Set a Direction with a Plan Set Goals and Measure Results Dedicate Time to Your Business Develop Non-Legal Business Relationships (BNI, Chamber of Commerce, Kiwanis) Say what you are going to do….do what you said you would…..be honest with yourself
15 Remember to Market Yourself Every person you meet is a potential client or referral source Marketing does not have to cost a lot of money but does require a huge investment Make sure people know who you are and what you do Take other lawyers to lunch and ask them for referrals Be visible
16 Get Involved Professional Organizations Find the fit for your interests and practice Improve your skills Develop important relationships Referral Networks are key Take leadership roles Greensboro Bar/ Law Practice Management Section offer great resources
17 Listservs Are Essential Assists with preparing legal documents Assists with finding experts and go to people Easily viewed format Use specialty bar listservs (defense, litigation, family law) Expands the network of referral opportunities Develop a variety of them as your resources
18 Know Your Bars….. The North Carolina State Bar is the licensing and disciplinary authority for all attorneys in North Carolina and it is an agency of the State Government……. The North Carolina Bar Association is a volunteer organization of and for lawyers that provides benefits for members, including computerized legal research, group health insurance, continuing legal education, law practice management assistance…..
19 Use Your Fellow Lawyers Leverage their experience Generous and willing to help you succeed Work on co-counsel opportunities 22,000 of them in the state so you are not alone
20 Owning Your Own Firm….. Makes you an entrepreneur so act like one Provides a sense of power Brings tremendous satisfaction And can be lots of fun